This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cordia Bancorp Inc. Reports Profit For First Quarter 2013

MIDLOTHIAN, Va., May 20, 2013 (GLOBE NEWSWIRE) -- Cordia Bancorp Inc. (Nasdaq:BVA) reported net income of $222,000, or $0.08 per share, for the quarter ended March 31, 2013, compared to net income of $53,000, or $0.40 per share, for the quarter ended March 31, 2012. The quarterly earnings were boosted by a $238,000 increase in net interest income attributable primarily to a $71 million increase in loans at its Bank of Virginia subsidiary.

"Our profit in Cordia's first quarter as a public company reflect Bank of Virginia's success in all elements of our asset growth strategy," said Jack Zoeller, President and CEO. "We launched a new student loan program that exceeded $34 million by quarter's end, expanded our mortgage loan program by $30 million and originated $11 million of new commercial loans. We also reduced our cost of funds while increasing our deposit funding base by $70 million. "

"We continue to be pleased at the steady migration of previous problem loans either to satisfactory ratings or out of our portfolio, without any adverse impact on capital," he continued. "This reflects extremely favorably on both the reserve valuations made in previous periods and the disposition strategies of our credit and lending teams."

Balance Sheet and Asset Quality

The company grew total assets to $250.4 million at March 31, 2013, an increase from $164.3 million at March 31, 2012 and $178.7 million at December 31, 2012. Total deposits were $225.7 million at March 31, 2013 compared to $146.3 million at March 31, 2012 and $154.4 million at December 31, 2012. In the second half of 2012 and continuing through the first quarter of 2013, the company increased its deposit base in anticipation of funding a residential mortgage held for sale loan program and purchase of student loans guaranteed by the U.S. Department of Education. In support of these loan growth initiatives, the company has developed several funding strategies, including the judicious use of brokered and institutional deposits to augment core deposit growth and further reduce the cost of funds.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs